The new report by Expert Market Research titled, ‘Global Solar Panel Recycling Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global solar panel recycling market, assessing the market based on its segments like processes, types, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 19.5%
The market for solar panel recycling is being driven by the growing installations of solar panels in both developed and developing countries. The growing investments in research and development (R&D) activities of recycling technology are expected to propel the market for solar panel recycling. With the growing solar panel waste, the demand for solar panel recycling owing to the growing trend of sustainability is increasing, which is anticipated to propel the market growth. Geographically, the Asia Pacific region represents a substantial share of the market. This can be attributed to the growing presence of solar panel recycling and manufacturing companies in the region.
Industry Definition and Major Segments
Solar panel recycling refers to the recycling of photovoltaic panels to minimise panel wastes while reducing greenhouse emissions during their production. It typically involves decommissioning, collection, sorting, and recycling of solar panels. The recycling of solar panels also enhances their cost-effectiveness while promoting circular economy.
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The major processes of solar panel recycling are:
- Thermal
- Mechanical
- Laser
Based on type, the market is divided into:
- Crystalline Silicon
- Thin Film
The regional markets of solar panel recycling are:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Market Trends
The market growth can be attributed to the growing cost-effectiveness of solar panels, which is surging their installations. As solar panels are highly susceptible to degradation issues owing to poor maintenance, unfavourable weather conditions, and lack of product standardisation, the demand for solar panel recycling is significantly surging. The growing consumer awareness regarding sustainability is positively impacting the market growth of solar panel recycling. With the growing attempts to reduce the reliance on conventional energy sources due to the rising concerns regarding rapid climate change, various governments are offering subsidies to promote the use of solar panels, hence bolstering the growth of the market.
Key Market Players
The major players in the market are Canadian Solar, Inc., First Solar, Inc., Hanwha Group, JA Solar Co. Ltd., SunPower Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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